Gabriel Budi Sutrisno · · 1 min readZoomcar closes SPAC deal, eyes immediate trading on Nasdaq
Greg Moran, CEO and co-founder of Zoomcar / Photo credit: Zoomcar
Indian car-sharing platform Zoomcar has completed its merger with blank-check company Innovative International Acquisition Corp. (IOAC) and expects to trade on the Nasdaq before 2023 ends.
Called Zoomcar Holdings, the joint entity will trade under the ticker symbol “ZCAR” for its common stock and “ZCARW” for its publicly traded warrants.
The SPAC deal will help Zoomcar pursue growth initiatives in emerging markets, said Greg Moran, the company’s CEO and co-founder.
Founded in 2013, Zoomcar operates in India, Egypt, and Indonesia. The company exited Vietnam earlier this year, citing unfavorable market conditions. It had over 3 million active users and over 25,000 vehicles on its platform as of October 2022.
Zoomcar reached the SPAC agreement in late 2022, and it was approved by IOAC’s shareholders on December 19. Mohan Ananda, IOAC’s chairman and CEO, has been nominated to the board of Zoomcar Holdings. He is also expected to be the combined entity’s first chairman of the board.
Other details about the transaction are undisclosed. However, Zoomcar Holdings’ pro-forma enterprise value was previously estimated to reach US$456 million.
See also: GetGo profitable for second straight year, revenue surges by over 300%
Editing by Miguel Cordon and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
